Turkey’s Gunal said to be close to $218m loan for Dubai project

Turkish contractor Gunal is close to securing a loan of around 800 million dirhams ($217.8 million) for the building of a hotel and apartment complex in Dubai's Business Bay area, sources familiar with the matter told Reuters on Monday.

Turkish contractor Gunal is close to securing a loan of around 800 million dirhams ($217.8 million) for the building of a hotel and apartment complex in Dubai’s Business Bay area, sources familiar with the matter told Reuters on Monday.

Abu Dhabi Commercial Bank is arranging the six-year syndicated loan, the sources said, adding that Gunal is keen to close the deal by the first week of November.

Gunal declined to comment when contacted by Reuters.

Gunal was among the contractors awarded a contract in 2013 to build the first phase of an extension of the Dubai Canal, a 3-kilometre stretch of waterway between Dubai’s Business Bay and the coast. More info